10 Independence Blvd. Image courtesy of Cushman & Wakefield
Signature Acquisitions has picked up 10 Independence Blvd., a 120,623-square-foot office building and an 8,250-square-foot retail pad site located in Warren, N.J. Cushman & Wakefield brokered the transaction on behalf of the seller, American Equity Partners.
According to CommercialEdge, the asset last traded in 2016 for $11 million. The property is also subject to a $14.7 million loan originated by Signature Bank, set to mature in 2030, the same source reveals.
The four-story office property is part of the five-building, 650,000-square-foot Independence Boulevard office park. Located just off Interstate 78, the site is close to Interstate 287 and routes 202 and 206, providing connectivity to both New York City and Pennsylvania.
READ ALSO: What’s Ahead for the Office Sector in 2023
Cushman & Wakefield Associate Director Frank DiTommaso, Financial Analyst Will Gerlin, along with Executive Vice Chairs David Bernhaut, Andy Merin and Gary Gabriel brokered the transaction on behalf of the seller. Earlier this month, the same brokers were also part of the team representing UBS Realty Investors in the sale of another New Jersey asset, a two-building, 216,573-square-foot office campus in Basking Ridge.
According to Cushman & Wakefield research, the unemployment rate in Northern New Jersey showed signs of improvement even in the face of challenges in the broader economy, reaching 3.9 percent at the end of 2022 and marking 130-basis-point decline year-over-year. The office-using employment sector continued its growth and added 23,500 jobs since the end of 2021.
An enhanced office space to address the flight-to-quality demand
Completed in 1985, the office building recently underwent a renovation program which included the modernization of the amenities at the property, including the lobby, common areas, restrooms, fitness center, game room, lounge and conference facility.
Additionally, a new retail building has been added to the property, to be anchored by Dunkin’ Donuts and set to house other quick-service restaurants, as well as potentially offering light medical services.
According to Real Estate Weekly, clinical trial company Amici Clinical Research signed a lease at 10 Independence Blvd. last year. The previous ownership carried out a personalized construction project for the tenant. The office building’s roster also includes Fountainhead, NJ Relay & CapTel, Cipla, T-Mobile, FormTech Print and ITsavvy, CommercialEdge reveals.
In 2022, the flight-to-quality trend gained momentum in the Northern New Jersey market, with Class A leasing accounting for 67.4 percent of the state’s total office leasing activity, an increase from the 60.3 percent recorded in the previous year, the above-quoted Cushman & Wakefield report also revealed.
